We use cookies to customise content for your subscription and for analytics.If you continue to browse Lexology, we will assume that you are happy to receive all our cookies. For further information please read our Cookie Policy.

G20 publishes Seoul conclusions

The G20 met in Seoul on 11 and 12 November. Following the Summit, it published the Seoul Action Plan, which commits to action in five areas, including financial reforms. It highlights commitment to national and international measures that will develop consistent high standards in a way that avoids a race to the top, fragmentation of markets, protectionism and regulatory arbitrage. Specifically G20 committed to implementing the new capital and liquidity standards (endorsing Basel III) and to addressing the "too-big-to-fail" problems (endorsing the FSB's policy framework). It commented on the particular risks posed by Global Systemically Important Financial Institutions (G-SIFIs) and the importance of a strong cross-border resolution framework implemented at national level. It also agreed to further work on regulatory reform and backed the drive towards more effective supervision. It outlined what work is needed on OTC derivatives and commodity derivatives markets and shadow banking. Another commitment is to tackle corruption by supporting a common approach to an effective global anti-corruption regime.